The 29-year-old striker has been impressive in recent weeks with four goals in his last four top flight outings, but the Frenchman has now entered the final 18 months of his contract at the Emirates.
Arsenal centre-back Rob Holding has committed his future to the Gunners after signing a new three-year contract at the Emirates Stadium with the option for a further year.
The 25-year-old has become a regular under Mikel Arteta this term, appeared on 18 occasions in all competitions.
The 22-year-old defender was strongly linked with both Liverpool and Manchester United last year but the Frenchman remained with the Bundesliga giants at the end of July.
Upamecano’s contract has a release clause of £40m, though, and Leipzig CEO Oliver Mintzlaff recently hinted that the centre-back could soon be on the move.
Despite playing a key role for the Reds since moving to Anfield in 2017, the Egyptian recently refused to rule out a move to either Madrid or Barcelona.
He still has two-and-a-half years left to run on his contract, though, and manager Jurgen Klopp has insisted that he remains relaxed over his future despite the ongoing rumours.
The 20-year-old, who is said to be valued at £25m, has established himself as first-choice defender at the Veltins-Arena but has been unable to prevent club’s slump to the bottom of the league table this term.